Muthoot Microfin’s 960 crore-initial public offering (IPO) is set to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Representational picture(File photo)

“Trading Members of the Exchange are hereby informed that effective from Tuesday, December 26, 2023, the equity shares of Muthoot Microfin Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B ‘ Group of Securities,” the BSE said in a notice.

The IPO of the microfinance subsidiary of the Muthoot Pappachan group was subscribed 11.52 times on the closing day of the bidding. The issue had received bids for 28,09,80,216 shares against 2,43,87,447 shares on offer, according to the NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed 17.47 times while the portion for non institutional investors received 13.20 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 7.61 times.

The IPO had a fresh issue of up to 760 crore and an Offer for Sale of 200 crore. The price range for the offer was 277-291 a share.

Muthoot Microfin, promoted Muthoot Fincorp, had raised 284.99 crore from anchor investors. It is the third-largest gold loan player and the flagship firm of Muthoot Pappachan group.

The company plans to use proceeds from the fresh issue for augmenting its capital base, to meet future capital requirements.

ICICI Securities, Axis Capital, JM Financial and SBI Capital Markets were the managers to the offer.

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